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What to do with cards once paid off
Reece_
Posts: 291 Forumite
in Credit cards
Wife and I are in the process of paying off some debt and currently are able to get a decent chunk out of the way, leaving currently a couple of empty cards.
My question is, what's best to do long term with the empty cards, we still have other cards to pay off and I'd like to look into getting other cards with 0% offers to help ease the interest piling up and move them over, should I just leave the cards empty and forget about them and wait for the suppliers to close them, or should we call up right away and close them down ourselves?
My question is, what's best to do long term with the empty cards, we still have other cards to pay off and I'd like to look into getting other cards with 0% offers to help ease the interest piling up and move them over, should I just leave the cards empty and forget about them and wait for the suppliers to close them, or should we call up right away and close them down ourselves?
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Comments
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If you want to open new 0% cards then personally I would close them down.0
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No don't close them unless either it is essential for you to resist temptation or you have real evidence that their existence is causing you problems in obtaining further cards.
It is possible that some or all of these cards will offer you existing customer balance transfer offers now that they have been repaid. If your payment history on the cards was good this is in fact quite likely. This would enable you to move existing debt to 0% without further applications.
I personally would not leave them empty. Buy something on each of them every month and repay in full. You will not pay interest, you will improve your credit rating and you will help your cash flow if you use the cards for purchases which would normally be made by debit card or in cash.
Ultimately, of course, if you have LOTS of cards then I guess at some point it would be a good idea to close some of them. Try not to close any really old accounts as old accounts look good. Probably best to close accounts with lower credit limits and/or who never offer you anything and/or you just don't really like that card.
Before you apply for a new card, use an eligibility checker to see what sort of responses you get then base your application decisions on those responses.
You don't say how many cards you actually have or how much remains to be paid off etc so it is impossible to make any more specific suggestions as to how to proceed.0 -
If they are unused, I'd be inclined to close them unless they offer something of possible use e.g. balance transfer offers or are forex free.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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